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Moody's raises LSB Industries
Moody's Investors Service said it upgraded the corporate family rating of LSB Industries, Inc. to B3 from Caa1, the probability of default rating to B3-PD from Caa1-PD and the senior secured note rating to B3 from Caa1. The speculative grade liquidity rating remains SGL-2.
The upgrade finishes the review started on July 21, and follows the shareholder vote to approve conversion of the company's redeemable preferred shares into common stock, and B3 rating to the company's senior secured notes, Moody’s said. The agency changed the outlook to stable from rating under review.
"The shareholder vote improves the company's capital structure, allowing it to focus on growth initiatives," said Anastasija Johnson, a Moody’s vice president and senior credit officer in a press release.
"The transaction results in a concentrated ownership, which carries higher governance risk, but management has committed to more conservative leverage targets," Johnson said.
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